Sar Televenture Ltd(SARTELE)

NSE: SARTELE

₹ 78.85-3.01%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 395 crUpdated: 24 Oct 2026

About

Sar Televenture builds and leases 4G/5G telecom towers and runs FTTH, broadband, fibre leasing and network operation and maintenance services through its group companies. It had 1,800 cumulative tower sites in FY26, and FY26 revenue was 522.11 crore. Management says the Tikona Infinet acquisition makes it the 3rd-largest enterprise broadband player.^[1][2][3][4]

Business and services

The group deals in telecom, broadband, FTTH, fibre leasing, digital infrastructure, bandwidth and connectivity services, plus network operation and maintenance services (FY26 annual report).^[1]
In the FY25 annual report, the company reported a single segment, construction of 4G & 5G network towers, with segment revenue of Rs 35.63 cr.^[5]
Non-tower work: in Q3 FY25 the company won an ITMS highway camera order and smart-meter orders (in a consortium, allotted by GMR) worth about Rs 90 cr.^[6]

Tower infrastructure

Cumulative 4G/5G tower sites reached 1,800 in FY26, up from 650 in 2025.^[2]
Towers completed stood at 1,200 in H1 FY26.^[4]
Installed towers were 413 in FY24 vs 373 in FY23, across 9 states/UTs, with West Bengal the largest at 190.^[7]
Master service agreements are signed with 3 major telcos, which makes the tower base ready for tower sharing (Q4 FY26).^[2]

FTTH and broadband

85,000 home passes were added in H2 FY26, after 75,000 in H1 FY26. Cumulative completed home passes were 170K+ as of FY26.^[2][4]
The company acquired 1,52,212 home passes under LOIs/RoWs with an ISP across NCR, Lucknow, Rohtak and Sonipat, as part of an FTTH set-up for 3,00,000 home passes (Q1 FY25).^[7]
Customer base would be about 8.5 lakh after the Blue Lotus/Whitefield acquisition, which adds 4.5 lakh customers (Q2 FY26).^[4]

Customers

As of Q3 FY25, Airtel was the main tenant, with most towers leased to it. Vodafone tower handovers were under way, and BSNL FTTH revenue had just started.^[6]
Vodafone gave the company 60 additional 4G/5G tower sites (FY26).^[2]
The company has revenue-sharing agreements with BSNL for Rohtak and Mohali (Q1 FY25).^[7]
Private ISP revenue share was given as 8-10% (Q3 FY25 call).^[6]

Expansion plans

Management plans to grow the tower base by targeting BSNL's planned rollout of about 112,000 4G/5G towers (FY26).^[2]
NHAI permitted 50 4G/5G sites on NH-24 (Q1 FY25) and 48 towers from Lucknow to Sitapur (Q3 FY25).^[7][6]
Capex of about Rs 375-400 cr was in progress in Q3 FY25 to add towers.^[6]

Acquisitions and group structure

On 28 Sep 2026, the company acquired 2,13,52,650 shares (70.17%) of Tikona Communication Limited and became its promoter.^[8]
On 01 Oct 2026, the company approved the sale of its 90.82% stake in Fusionnet Web Services to Tikona Communication for Rs 256.84 crore, paid in preference shares. Fusionnet becomes a step-down subsidiary, with completion expected by December 31, 2026.^[9]
On 27 Oct 2025, the company announced a 100% acquisition of Blue Lotus Support Services and Whitefield Communications for ₹800 cr, which extends it into South India.^[4]
On 2 Apr 2025, the company announced a majority-stake acquisition of Tikona Infinet for ₹578 cr through a share swap.^[4]
Fusionnet and Parametrique were acquired in August 2024. Parametrique Electronic Solutions is a wholly owned subsidiary, and Grand Foundry Limited is a subsidiary (FY26).^[6][1]

Other recent developments

The company is seeking shareholder approval for related-party transactions with Grand Foundry: operational transactions of up to Rs. 500 Crore and financial assistance of up to Rs. 3000 Crore (FY26 annual report).^[1]
The board approved a loan of up to Rs 100 crore to subsidiary Fusionnet at 9% (FY26 annual report).^[1]
Cost audit applies to the company from FY2026-27.^[1]
In July 2024, the company raised equity through a 1:1 rights issue of up to ₹150 cr and an FPO of up to ₹300 cr at ₹200-210 per share.^[7]

Market Cap

₹395 Cr

High / Low

₹265 / 72

Stock P/E

5.8

Price / Book

0.5

Book Value

₹194

EPS

₹14.6

No. of Shares

4.91 Cr

ROCE

8.8%

ROE

8.0%

OPM

15.4%

Debt / Equity

0.00

Sales

₹522 Cr

Net Profit

₹72 Cr

Promoter holding

45.5%

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